Edge, Rochelle M. (contributor); Laubach, Thomas (contributor) - 2003 - [Elektronische Ressource]
-free one-
period bond, which pays one unit of the numeraire in each state, and denote its yield|that
is, the gross nominal … interest rate R
t
,
the consumption good price level P
c;t
, the aggregate wage rate W
t
, pro ts income, and the
initial bond … impulse responses to
technology and monetary policy shocks. We utilize a flexible speci cation for wage-
and price …